Curative Biotechnology Inc (CUBT)

[Prudent Capitalist]

Probation and forfeiture of just $22,500 is consistent with the notion that this was very unfortunate, but not a major deal, IMO. However, shareholders have suffered dearly due to this and the current DTC freeze on the shares.

Ronald L. Schuman, 59, of Palm City, Florida, was sentenced to 12 months of probation by a Massachusetts federal judge on Dec. 11, 2015, and ordered to forfeit $22,500 in proceeds he collected in a kickback scheme by selling shares in Florida medical technology and supply company Connectyx Technologies Corp. to a purported hedge fund manager, who was in reality an undercover FBI agent.

An attorney for Schuman, Jonathan H. Rosenthal of J. Rosenthal Law PA, told Law360 on Wednesday that the sentence illustrated U.S. District Judge Mark L. Wolf's "understanding that Mr. Schuman was merely trying to raise capital for a real company" and that prosecutors had conceded at the sentencing hearing that there was no evidence Schuman had previously committed securities fraud.

"Mr. Schuman was ensnared in a transaction devised, created and planned by government agents, and presented to Schuman after he was introduced to the agents by an attorney and financial advisor Schuman trusted," Rosenthal said in an email. "That he broke the law in [trying to raise capital] is an unfortunate fact, but his motivation was not greed or personal gain and in fact, he did not personally benefit from the transaction at issue."